FT - UBS rogue trader out after over 3 years in custody

The Financial Times reports that Britain’s costliest rogue trader is out of prison after serving about half his seven-year sentence.

Kweku Adoboli, who lost $2.3bn at UBS through unauthorised trading, was released last week from Maidstone prison in Kent, England. He spent nearly nine months behind bars awaiting trial and has served an additional two and a half years since his fraud conviction in November 2012.

Now 35, he will no longer be able to work in finance, something he has done since leaving the University of Nottingham. Not only is he notorious in the sector, but the UK Financial Conduct Authority has started taking steps to ban him from holding a regulated position in financial services.